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Hotel Disposition

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Hotel Disposition

Hotel Disposition

On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. The Company owned an indirect 75% equity interest in the hotel property. Additionally, the Company repaid the $66.6 million mortgage loan secured by the hotel property.

The sale resulted in a gain of approximately $88.1 million for the year ended December 31, 2024 and is included in “gain (loss) on disposition of assets and hotel property” in our consolidated statements of operations. Since the sale of the hotel property did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in our consolidated financial statements.

We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our consolidated statements of operations for the year ended December 31, 2024, 2023 and 2022, respectively. The following table includes the consolidated financial information from this hotel property (in thousands):

															Year Ended December 31,
																					2024						2023						2022
Total hotel revenue																					$	27,901					$	50,714					$	49,076
Total hotel operating expenses																					(17,194)						(30,999)						(29,336)
Property taxes, insurance and other																					(1,704)						(2,876)						(2,532)
Depreciation and amortization																					(2,328)						(4,176)						(4,118)
Gain (loss) on disposition of assets and hotel property																					88,115						—						—
Operating income (loss)																					94,790						12,663						13,090
Interest income																					273						346						73
Interest expense and amortization of loan costs																					(3,856)						(6,069)						(3,202)
Write-off of loan costs and exit fees																					(101)						—						(21)
Income (loss) before income taxes																					91,106						6,940						9,940
Income from consolidated entities attributable to noncontrolling interests																					(27,995)						(3,335)						(3,419)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership																					(5,028)						(247)						(502)
Income (loss) before income taxes attributable to the Company																					$	58,083					$	3,358					$	6,019

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- References

No definition available.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/205-20/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

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